The Stage For 6% Rates Is Set
Macro data out this week shows that the Fed's fight against inflation is anything but over. One 40 year market veteran explains why 6% rates could be next - and what he expects for the market.
Friend of Fringe Finance and well known financial news contributor - as well as 38 year veteran of markets - Kenny Polcari has been kind enough to share his most recent thoughts on the market with our readers.
For those who aren’t familiar with Kenny or don’t recognize him from TV, he is Managing Partner of Kace Capital Advisors and Chief Market Strategist at SlateStone Wealth. He started his career on the floor of the New York Stock Exchange (NYSE) as an institutional broker back in the early eighties when the march of electronic trading was already taking its first steps, and the great bull was first learning to run.
Here’s his take on markets heading into the Friday, February 17, 2023, trading day:
The post has been lightly edited for punctuation and grammar.
Inflation Is Rearing Its Ugly Head…Again
January Producer Prices came in hot! Supplier prices MOM rose by 0.7% in January, the biggest gain since last summer. The expectation was for +0.4% and ex-food and energy of +0.5% - hotter than expectations.